Global Medical Second Opinion Market Trends Report | Growth 2024-2032

The global medical second opinion market was worth US$ 4.87 billion in 2023 and is anticipated to reach a valuation of US$ 22 billion by 2032 from US$ 5.76 billion in 2024, and it is predicted to register a CAGR of 18.22% during the forecast period 2024-2032.

Current Scenario of the Global Medical Second Opinion Market

Presently, the medical second opinion market is witnessing rapid growth across the world. This opinion type is emerging as a popular process for any person who receives an important diagnosis that does not need instant or prompt emergency action. Moreover, the market players also observed that today informed patients understand its significance since any individual physician is not foolproof. According to a study published in the National Library of Medicine, the tendency to seek a second opinion was greater among patients with higher levels of education, middle-aged individuals, women, and those with chronic health issues, and people of higher income or socioeconomic status living in urban centers. Additionally, the market is convincingly dominated by North America, with the United States commanding a large share.

Market Drivers

The rise of informed and empowered patients is driving the growth of the medical second opinion market. With the increasing access to the internet and online health information, eh-health consultation, and the surging focus on shared decision-making between healthcare providers and patients, the demand for digital second opinions for medical reasons has grown in recent years. It gives flexibility which extends or augments the availability of professionals or experts irrespective of their location.

The increasing intricacy of health issues is another factor propelling the market forward.  The transition in disease burden is escalating the demand for second opinion and community healthcare, as individuals are living significantly longer with chronic situations that cannot be effectively resolved through acute hospital treatments.

Market Restraints

Building trust and credibility is one of the major obstacles in front of the medical second opinion market. It is the toughest part for any market player providing second opinion services. Even with the surging demand for digital healthcare solutions, patients continue to hold doubts, fears or misgivings over the application of AI in medical diagnosis, which affects the market growth rate. As per a survey by The Clinic by Cleveland Clinic, it was discovered that with access to virtual second opinion (VSO) services almost 4 out of 10 participants stated reservations concerning looking for a second opinion if AI tools were used in the diagnosis procedure, preferring conventional or standard provider-driven methods.

SEGMENT ANALYSIS

By Disease

  • Cancer
  • Cardiac Disorders
  • Diabetes
  • Injuries

The cardiovascular diseases segment has held the biggest share of the medical second opinion market in the last few years and is anticipated to advance at a faster rate over the forecast period. This progress so far can be credited to the rapidly growing telecardiology, which is one of the quickest expanding areas in telemedicine. In addition, cardiovascular diseases remain the most prevalent global challenge within our healthcare system. Nevertheless, the impact of technology in the form of telecardiology has led to a significant transformation in the approach to and understanding of cardiac diseases at present. Besides these, the pandemic period demonstrated the significant impact of telecardiology cardiology in addressing the urgent needs of patients, especially those with these issues.

By Supply Provider

  • Hospitals
  • Health Insurance Players
  • Online and Offline Medical Second Opinion Providers
  • Private clinics

The health insurance players segment commanded this category of the medical second opinion market and is likely to advance swiftly over the estimation period. Today, the first consultation after the diagnosis the patients and family members take is from their insurance whether it is covered in their policy or not. These companies offer patients a second opinion on their condition, treatment alternatives, and the most appropriate medical facilities they can afford. This has been a significant reason for the expansion of this market. On the other hand, the online services segment accounts for a substantial share of this market.

REGIONAL ANALYSIS

North America spearheads the medical second opinion market and is expected to experience further growth during the forecast period. The United States leads the regional market due to advanced healthcare infrastructure, a higher number of informed patients, strong government support, and technological innovations in digital health and telemedicine. For instance, a very recent study from The Clinic by Cleveland Clinic has highlighted the rising demand for virtual second opinions (VSOs) in the country, with a special emphasis on neurological, cancer, and heart, cancer conditions.

Asia Pacific is the most promising medical second opinion market after North America and is projected to attain a higher growth rate throughout the estimation period. India and China are the two countries driving the APAC market.

Recent Market Developments

  • In November 2024, the Karnataka Health Department introduced a free helpline for a second opinion for patients of intricate joint surgeries.
  • In June 2024, NANO-X IMAGING LTD, a cutting-edge medical imaging technology company, revealed that its deep-learning analytics subsidiary, NanoX AI Ltd., has rolled out AI features in the Second Opinions online consultation services.

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